Chapter 1 :Strategy

Question 1

What is the concept of Strategy?

Answer 1

• Designed to achieve specific objectives in the event of difficulties.
• bridge
• structure the many variables/uncertainties
• ensures the organization’s survival, profitability, growth, and development.
• Objectives are WHERE DO WE WANT TO BE? And Strategy answers to the question of HOW DO WE GET TO WHERE WE WANT TO BE?

Question 2

What are The Characteristics of Strategy?

Answer 2

• Long-term Horizon-Direct the org,roadmap
• Action Oriented-compete in the market,org success
• Comprehensive/Hollistic -all aspects,roadmap
• Strategic Decisions-define,framework
• Environmental Adaptation dynamic,exploiting and offsetting
• Stakeholder Expectations-value-addition.Bridge
• The Development of Resources-essential,shaping

Question 3

How does corporate strategy affect business and functional strategies? Exemplify

Question 4

Elements/Process/Steps in Strategic Planning

Answer 4

Define Organization’s Vision, Mission, Objectives, Strategies
SWOT Analysis
Identifying Strategic Issues and Opportunities
Prepare Strategic Plan
Strategy implementation
Evaluation and Control